Wealth management group AFH acquires Colchester-based advice firm Britton Financial
- Credit: Archant
Colchester financial advice firm Britton Financial has been acquired by wealth management and financial planning group AFH in a deal valued at £2m.
Britton Financial, which is based in Hawkins Road, has around £57m of funds under management on behalf of clients across East Anglia, London and the Home Counties.
Former owner Ken Kerr said that AFH, which is based in Bromsgrove, Worcestershire, had been selected from among a number of potential buyers.
“I wanted to leave my clients in good hands, with a company that shared my view that clients come first,” said Mr Kerr.
“Many of the other firms that approached me were looking at increasing fees, and I know that’s not the way AFH sees its business.”
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AFH founder and chief executive Alan Hudson said: “At AFH we only take on businesses that share our vision of putting clients first, and as soon as I met Ken I knew here was someone I wanted to do business with.
“I’m looking forward to continuing his great work of looking after his clients in East Anglia and the South East. We’ll also be looking to taking on more clients in East Anglia, the South East and right across the UK.”
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Mr Kerr added: “Right from the start Alan made very clear this was about a shared vision of getting the best deal for clients.
“Our business depends on trust, and I knew Alan was someone I could trust with my clients. AFH’s offer wasn’t the highest I had, but I believe it’s the best outcome for my clients.”
AFH, which has been listed since 2014 on the London Stock Exchange’s AIM market for smaller firms, is engaged in a twin-track expansion strategy including both acquisition and organic growth through its team of 165 financial advisers, who cover the whole of the UK.
In the last financial year AFH notched up 20% organic growth and now serves almost 9,500 clients, with £2.7bn under management. Its turnover in the financial year to October 31, 2017 was £33m, up from £24m the year before.